Global home textiles market registers robust growth

"As per latest US customs data, the country’s imports of home textiles and made-ups grew at a robust 7.7 per cent to reach 8,740 million sq. mt. during the January-May 2018 period. Import of made-ups and home textiles of man-made fibres grew 10 per cent to reach 6,093.6 million sq. mt. In contrast, cotton made-ups and home textile imports grew by 1.6 per cent to reach 2,375.5 million sq. mt."

As per latest US customs data, the country’s imports of home textiles and made-ups grew at a robust 7.7 per cent to reach 8,740 million sq. mt. during the January-May 2018 period. Import of made-ups and home textiles of man-made fibres grew 10 per cent to reach 6,093.6 million sq. mt. In contrast, cotton made-ups and home textile imports grew by 1.6 per cent to reach 2,375.5 million sq. mt.

Home textiles and growing business

In value terms however, US imports of cotton made-ups and home textiles during January-May 2018, were $3034.7 million, 1.41 per cent lower than during January-May 2017. China, which enjoys a share of 36 per cent in total US cotton home textile imports, witnessed a fall of 0.57 per cent in exports to the US, at $1,091.6 million. Close on the heels is India at $990.99 million, witnessed a drop of 6 per cent.

In MMF made-ups and home textiles, India's share is a meager 4.43 per cent, while China enjoys majority share of 61 per cent. In dollar terms, India's exports of MMF home textiles to the US grew 6.66 per cent to $100 million during January-May 2018. China's exports during the period were to the tune of $1390.92 million, growing 7.52 per cent

The global home textile market is estimated to reach $130 billion by 2021. Bed linen accounts for the largest share of 45 per cent in this segment, while bath linen constitutes 20 per cent. Other segments such as floor coverings, furnishings, table and kitchen linen make up 35per cent of home textile market. Bed linen and bedspreads segment is expected to grow at a CAGR of 4.4 per cent to reach $60 billion by 2020. The US is the world's single largest home textiles market accounting for 21 per cent market share. The US market is projected to grow at CAGR of 3 per cent to reach $27 billion by FY2020. Europe is the second largest home textiles market, accounting for 26.8 per cent. Bed and bath linen market in Europe is expected to grow at CAGR of 1.7 per cent to $17 billion by 2020.

Meanwhile, Asia Pacific, accounting for 44 per cent of the market, remains the most dominant producer and consumer of home textiles. Here, China is the largest manufacturer and consumer of home textiles. The market size is estimated at $30 billion.

India is the third largest home textiles market in the Asia Pacific region, projected to grow at a CAGR of 7.2 per cent to reach $5.6 billion by 2020. India's bed linen consumption is expected to reach Rs 19,350 crore ( $US 2.81 billion) by 2021, growing at a CAGR of 8 per cent from 2011-2021. Towels consumption in the country is estimated to reach Rs 7,060 crore ( $US 1.02 billion) by 2021, curtains Rs 4,790 crore ( $US 0.70 billion) , blankets Rs 2,850 crore ( $US 0.41 billion), upholstery Rs 3,080 crore( $US 0.45 billion), kitchen linen Rs 2,400 crore( $US 0.35 billion), and rugs and carpets ( $US 0.18 billion) crore by 2021. The strong growth expected in the market over the next three years has pushed up investments in the sector.